Shepherds Friendly Pays 96.3% of Income Protection Claims in 2019

Shepherds Friendly Pays 96.3% of 2019 Income Protection Claims

Shepherds Friendly’s latest claims data for the year to December 2019 have just been released. The mutual society’s statistics have shown that it paid 96.3% of the Income Protection claims it received in 2019.

The top reasons people made claims on their Shepherds Friendly Income Protection policy last year were:

• Musculoskeletal conditions (42.36%)
• Mental health (14.67%)
• Other general illnesses and injuries (11.89%)
• Chest, lung and throat conditions (8.26%)
• Hip and knee injuries (5.99%).

Shepherds Friendly’s Income Protection Claims in Figures…

• The oldest claimant was 61
• The average age of a Shepherds Friendly Income Protection claimant was just 37
• The average claim lasted nearly 19 weeks
• Of the declined claims, the main reason was non-disclosure (64.71%), highlighting the importance of being open, honest and upfront with your adviser when taking out a policy.
  

Tom Conner :: Director

“It’s great to see yet another friendly society leading the pack when it comes to publishing claims figures.

“All four of the insurers that have published claims statistics so far in 2020 have been friendly societies, with Shepherds Friendly being the latest friendly society to release its claims data in rapid succession.

“This helps to build huge confidence in not only the Shepherds brand but also in mutual societies as a whole, which clients are still sometimes wary of because they don’t have the cachet of larger, household names such as Aviva or Legal & General.

“While the likes of Aviva and Legal & General have the ability to spend big on advertising and brand awareness, these claims statistics reveal that friendly societies are often just as good if not better at paying claims, which is what really matters.

“Moreover, friendly societies are run for their members with their members in mind rather than to turn a profit for shareholders, another important factor to consider.”